Nearly 12,000 Businesses Got $10 Billion in Shuttered Venue Grant Money - Small Business Trends

Nearly 12,000 Businesses Got $10 Billion in Shuttered Venue Grant Money – Small Business Trends

The Small Business Administration (SBA) simply announced near to 12,000 organizations have gotten $10 billion in supplemental awards through the Shuttered Venue Operators Grant (SVOG) program. As theaters, live places, and other home entertainment and cultural hubs begin to recover from the pandemic, this grant is an indispensable lifeline for these services.$10 Billion in Shuttered Venue Business Grants AwardedSince the SVOG program began, more than 90% of the grants went to places with less than 50 employees. The SBA Administrator, Isabella Casillas Guzman, stated by reaching organizations with this variety of employees, “… were reaching our tiniest businesses, who suffered out of proportion effects from the pandemic and were frequently excluded of early rounds of relief.”The SBA revealed the extra grant for SVOG receivers was going to be readily available to those businesses showing a 70% loss when comparing 2021s first-quarter incomes to the very same in 2019. And these businesses might obtain any quantity approximately 50% of the initial SVOG quantity with a $10 million cap of the initial and additional awards combined.As far as using the supplemental funds, you can utilize them for expenditures you accumulate through June 30, 2022. Additionally, it allows you to extend your budget period to 18 months from the time you get the grant.The supplemental award duration is open, and the SBA is still sending out additional invitations to eligible SVOG awardees. If you certify make sure to use on the SVOG page and you can get weekly SVOG funding data reports by going to www.sba.gov/svog.If you are looking for more info about the extra Economic Relief programs from the SBA you can go to COVID-19 relief choices. Additionally, the SBA also has partners to assist small companies in the application procedure for any offered grant or financing. A few of these partners consist of SCORE Mentors, Small Business Development Centers, Womens Business Centers, and Veterans Business Outreach Centers.You can find these partners in your local area by using the zip code search at http://www.sba.gov/local-assistance.The SVOG ProgramMore than $16.2 billion was appropriated for grants through the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act, and the American Rescue Plan Act. The program reserved $2 billion for eligible SVOG applications with 50 full-time employees or less. Candidates that were qualified could receive grants equaling 45% of their gross made revenue. This is for a maximum quantity of $10 million for a single grant.Notice: SVOG is no longer accepting brand-new applications.This content was originally published here.


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